Eaton
Makes switchgear, transformers and power distribution equipment that sit between the grid and the server hall.
- Revenue
- Record revenue of $8.5B in Q2 2026 (quarter to 30 June 2026)
- Growth
- Revenue up 21% (14% organic). Data centre revenue in Electrical Americas up about 65% (Q2 2026)
- Based in
- Dublin, Ireland
- Founded
- 1911
- Listed
- Public (ETN)
Every data centre needs its switchgear and power distribution, so orders scale with new builds.
Sources disagree on backlog figures, so the backlog numbers here are not used.
Money coming in
Who pays Eaton, and for what.
No customers of Eaton mapped yet.
Money going out
Who Eaton pays to do what it does.
No suppliers of Eaton mapped yet.
Where it sits on the map
Competitors and neighbours
Software that slows down AI computing when the grid is stressed, so data centres can connect sooner.
$150M at a $1.05B valuation (Aug 2026). Nvidia, Siemens and GE Vernova invested
Open profileBuilds data centres next to its own power supply so they do not wait for the grid.
Bought by Alphabet for $4.75B (closed Mar 2026)
Open profileMakes gas turbines and grid equipment that power new data centres and utilities.
$176B order backlog. Data centre orders over $5B in the first half of 2026
Open profileBuilds the transmission lines, substations and power connections that bring new electricity to data centres.
Revenue of about $9.6B in Q2 2026 (quarter to 30 June 2026)
Open profileMakes power, cooling and control equipment for data centres and grids.
H1 2026 revenue of EUR 21.2B (six months to June 2026)
Open profileMakes gas turbines, grid equipment and transformers that power data centres and utilities.
Q3 FY2026 revenue of about EUR 11.4B (quarter to 30 June 2026)
Open profileMakes solid-state transformers, a faster-to-build alternative to the traditional iron-core kind.
$140M Series B led by a16z and Breakthrough Energy (Feb 2026)
Open profileSoftware that shows developers where the grid has spare capacity to connect new loads.
Reportedly profitable with 100+ developer customers
Open profileAutomates the engineering studies that utilities need before they approve a new connection.
Bought by Enverus (Mar 2025), which Blackstone is buying
Open profileSources: emr-online.com
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